Surprised? You’re not alone in underestimating the role that life insurance plays in protecting loved ones and in ensuring a comfortable retirement. Or in overestimating its cost: A recent study reveals that consumers think life insurance is three times more expensive than it really is.

“The truth is that life insurance has never been more affordable thanks to more refined underwriting and the fact that people are living longer, healthier lives,” says Greg Wieser, director of Life Marketing at ERIE.

Whether you’re entering adulthood or nearing retirement, you may have a need for life insurance. Here’s how it can benefit you at any life stage.

In your 20s: There are reasons to consider coverage at a young age.

For starters, it’s cheap. Insurers price policies based on risk, and young people have a far lower mortality rate than older groups.

That said, if tragedy strikes, a policy can cover medical costs as well as pay off credit card debt, a home or car loan, and funeral expenses (which now average $9,111). That relieves a spouse or other relatives from having to deal with any debt.

Term life insurance that provides coverage for a specific number of years is often your best bet. An easy, affordable option is LifeSense℠. It offers up to $90,000 worth of coverage in about 15 minutes with no medical exam required.*

In your 30s and 40s: Consider how much money your family would need without your paycheck in the picture.

Many people falsely believe their group life coverage is enough. Yet consider a 39-year-old man with three children, a $50,000 salary and a $100,000 employer-sponsored life insurance policy. The policy would generate just $700 a month, leaving a $2,800 monthly gap.

“If you actually run the numbers, the reality sets in,” Wieser says. “The most cost-effective way to replace that additional $2,800 each month is with life insurance tailored to your specific needs.”

The best approach is often a blend of term and permanent (or universal) life insurance that provides lifelong coverage and builds cash value.

In your 50s and beyond: Folks who are 50+ often fall into the “sandwich generation” that cares for elderly parents while financially supporting college students or young-adult children. Inadequate protection could put both groups of family members at risk.

At the same time, retirement savings might not stretch as far as expected after factoring in taxes, inflation and less-than-stellar investment returns. ERIE can help you achieve a secure retirement through accounts like 401(k)s, Roth and traditional IRAs, and annuities, the only investment that guarantees an income stream that you can’t outlive.